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Can you summarize NVAC 368A.510?
Tax on Live Entertainment > Procedures for internal control.
Short Summary
This document outlines the procedures for internal control for entertainment in accordance with the Nevada Administrative Code (NAC) and the Nevada Revised Statutes (NRS). Group I licensees that provide live entertainment are required to include a description of these procedures in their system of internal control, as submitted to the Nevada Gaming Commission. They must also comply with any minimum standards for internal control for entertainment adopted by the Chair of the Commission. Group II licensees that provide live entertainment and taxpayers holding a restricted license must comply with procedures for internal control for entertainment adopted by the Chair. Any deviations from the standards or procedures must be approved in writing by the Chair. The document further specifies that independent accountants and internal auditors of Group I licensees should perform observations, examinations of documents, and inquiries of employees to ensure compliance with the requirements for entertainment. The internal auditor is required to submit reports summarizing instances of noncompliance and any applicable responses by management to the Nevada Gaming Commission. The document provides definitions for ‘Group I licensee,’ ‘Group II licensee,’ and ‘requirements for entertainment.’
Whom does it apply to?
Group I licensees that provide live entertainment, Group II licensees that provide live entertainment, and taxpayers that hold a restricted license
What does it govern?
Procedures for internal control for entertainment
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada